Iran in March 2026: the most important developments in economy
Iran's place in the world economy in March 2026 was defined by the war that began with US and Israeli strikes on 1 March and its effect on oil and gas prices. Oil rose to a seven-month high on the first day, passed $90 by 6 March and topped $100 on 8 and 9 March, with some reports above $115. It reached about $112 on 19 March, eased to around $101 on 25 March amid ceasefire hopes, and by 30 March US crude was above $100 for the first time since 2022, heading for a record monthly gain. The International Energy Agency coordinated a record 400-million-barrel release from strategic reserves, and Japan and other governments tapped their own stocks.
The centre of the disruption was the Strait of Hormuz, where tanker traffic reportedly fell by 90 to 94% in the first days. Iran let ships from countries including India, China, Russia and Pakistan pass. It began charging fees of about $2 million per ship, and a parliamentary commission approved a toll plan, which the Gulf Cooperation Council called illegal. The United States launched a $20 billion reinsurance programme for the strait and issued 30-day waivers allowing India to buy Russian oil and allowing the sale of Iranian oil already at sea; Iran's Oil Ministry said it had no oil in international waters. President Donald Trump threatened Iran's Kharg Island oil hub and, after a reported Israeli strike on the South Pars gas field on 19 March, threatened to attack that field.
The war's cost and its effect on markets drew attention. The Pentagon put the first week's cost above $11 billion and sought about $200 billion more from Congress. Global stocks slid, business activity fell to an 11-month low, the US Federal Reserve held rates steady, and the IMF said the war was dimming the outlook. The Philippines declared an energy emergency, and Germany reported 2.7% inflation.
Inside Iran, fuel quotas in Tehran were reduced after strikes hit oil storage sites, power outages were reported, and gas supplies to Iraq stopped and later resumed. Iranian media said the minimum wage would rise by 60%.
by WorldBrief & Maksim Micheliov | AI-generated summary
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